National Bank of Abu Dhabi (NBAD) has reported relatively flat profit growth in the first quarter of this year, compared with the same quarter in 2013.

The bank posted AED1.406bn ($226m) in net profit, which is 0.3 per cent lower than that recorded in the first three months of 2013.  

NBAD did see more substantial growth in the first quarter this year when compared with the final quarter of 2013, with profits rising by 31 per cent.

Lending volumes grew during the quarter, rising by 10 per cent compared with the first quarter of 2013 to reach AED178bn. Deposits rose at a similar rate of 14 per cent year-on-year, reaching AED235bn.

The bank is aiming to generate further growth this year by expanding its retail banking arm and growing its deposit base.